The State Optional Retirement Program (State ORP) open enrollment period is in progress and will run through Wednesday, March 1, 2017. Changes made during this time will be effective April 1, 2017.
Current ORP participants will be sent an email with details concerning this enrollment period and an outline of their options. If you do not receive this communication, please contact the Benefits Office at (803) 777-6650, and they will be happy to forward it to you.
During this period, State ORP participants may change vendors [pdf], or if eligible, may choose to irrevocably switch to the South Carolina Retirement System (SCRS).
State ORP participants are eligible to change from the State ORP to SCRS if they have been enrolled in the State ORP for at least 12 months, but no more than 60 months, from their initial enrollment in the State ORP (i.e., initial enrollment between January 1, 2012, and March 1, 2016). Please note, the next open enrollment period will not take place until January 1, 2018. If you reach 60 months of participation in the State ORP between March 2, 2017 and December 31, 2017 this open enrollment period will be your last opportunity to switch to SCRS.
State ORP participants who wish to switch to the SCRS must submit Form 1100 and Form 1102 to the Benefits Office, located at 1600 Hampton Street, Suite 801, Columbia, SC 29208. Vendor changes may be made through PEBA’s Member Access. If you are unable to change your vendor online, please submit Form 1162 to the Benefits Office.
For more information about your options during this open enrollment period, please visit the SC Public Employee Benefit Authority’s new State ORP website. You will also find resources such as the Select Your Retirement Plan guide and It’s Your Choice: SCRS or State ORP video to help you understand your retirement options.
Posted January 6, 2017